Uptrend may continue above 66,200 level
Long-term texture of market is positive
image for illustrative purpose
Mumbai: On Tuesday, the benchmark indices bounced back sharply as BSE Sensex was up by 261 points. Among sectors, almost all the major sectoral indices witnessed buying interest at lower levels. Technically, after a gap-up opening the market hovered between 66,300 and 66,550 levels. However, the short-term texture of the market is still in to the positive side.
“We are of the view that, as long as the index is trading above 66,200 level, the uptrend formation is likely to continue,” says Shrikant Chouhan of Kotak Securities.
Above the same, the index could continue the rally till 66,700-66,850. On the flip side, below 66,200 uptrend would be vulnerable. Below the same, the sentiment could change. Below 66,200, the market could slip till 66,000-65,900.
Stock Picks
JAIN IRRIGATION:
In the current market scenario, a Buy recommendation for Jain Irrigation with a target price of Rs71 presents an enticing opportunity for investors. However, it’s essential to exercise caution by setting a stop-loss at Rs63 to mitigate potential risks and protect against adverse price movements.
BLS: Strategically positioning oneself in BLS with a Buy near Rs256 and a target of Rs278 exhibits a promising outlook for potential gains. To maintain a well-balanced risk-reward profile, it’s advisable to set a stop-loss at Rs248, ensuring prudent risk management in this trade.
(Source-Khush Ghodasara)
